INDIA POST'S PAYMENT BANK

• Union Cabinet has approved the setting up of India Post’s payments bank at a total project cost of Rs 800 crore.• Highlights• India Post Payment Bank (IPPB), which will generate employment • opportunities for about 3,500 skilled banking professionals, will set• up 650 branches and 5,000 ATMs across the country.• IPPB expects to break even by year seven of its operations.• IPPB will start operations in March 2017 in about 50 districts and• will cover the entire country by the end of FY 2018-19.

• Significance• Extensive reach and spread of Indian postal system to blocks,• taluks and villages ensuring last mile connectivity.• Old setup, ease of access, years of trust and familiarity of rural people.

• Brick and mortar banks are unviable to setup in many of the remote areas.• Helpful for migrants, labourers, MSME, poor household, enhancing access to financial services and promoting financial inclusion.• Provision of debit facility.

• What are payment banks?• •Payment banks are non-full service banks, whose main objective is to accelerate financial inclusion.• •Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.• •They will not lend to customers and will have to deploy their funds in government papers and bank deposits.• •They can accept demand deposit, issue ATM/debit cards but not credit cards.• •The promoter’s minimum initial contribution to equity capital will have to be at least 40% for the first five years.

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